The Trump administration has called the plan "the biggest tax cuts in history" and it involves cutting the U.S. corporate tax rate from 35 percent to 15 percent. Mr. Mnuchin said that the tax plan would pay for itself "through growth and reduction of deductions and closing loopholes". By international standards, the current U.S. corporate tax rate is considerably higher than most other developed countries worldwide. If Trump succeeds with his plan to slash the tax rate, the U.S. would be among the 20 countries with the lowest rates of corporate tax. Low corporate tax can result in long-term benefits with Ireland a notable example.

Source: Forbes April 27, 2017 12:11 UTC